Northland Buys New Atlanta-Area Community
The fully leased asset came online in 2020.
Northland has bought The Maven, a 276-unit community in Suwanee, Ga. Completed in 2020, the property was acquired from local developer RangeWater Real Estate and the project benefited from a 36.7 million construction loan originated by Fifth Third Bank, according to Yardi Matrix data.
The community was fully leased at the time of the sale and is located at 4255 Suwanee Dam Road, some 30 miles outside of downtown Atlanta. The property is within walking distance of retail, dining options, arts studios, Brushy Creek Greenway and less than 2 miles from George Pierce Park.
Spanning 14 acres, the community consists of five residential buildings and 12,700 square feet of retail and office space. Floorplans offer one-, two- and three-bedroom configurations. Amenities include a fitness center, a clubhouse, lounge areas, as well as outdoor spaces such as a swimming pool, kitchen, bar space and lawn area. The residences have open-concept floorplans and include walk-in closets.
Northland’s portfolio has been expanding in the area since 2020, when the company entered the Georgia market. The firm’s local footprint includes 1,300 apartments. According to Northland, the company has invested $520 million in the market since its first acquisition there, including $250 million in future projects.
Atlanta remains one of the most appealing multifamily markets, with transaction volumes among the country’s largest. Just last week, Middleburg Communities sold another Atlanta rental community after a $10 million renovation process.